EURUSD Forex Trade – on what conditions will it head towards 1.3400?
I tweeted on EURUSD on 16 Jul 2014, stating that I was bearish on EURUSD. This is a 50-60 pips profit trade, AGAIN!
— TerraSeeds FX Tflow® (@terraseeds) July 16, 2014
EURUSD stopped around 1.3500 (round number support). However, today retracement shows equidistance channel as a valid resistance (see chart below). I am also holding horizontal resistance 1.3560-70 as another strong resistance where price might potential retrace too. This might be a point of a limit order offering a play that Head and Shoulder pattern remains intact.
On what condition will EURUSD head towards 1.3400?
I’m waiting for a Day close (key concept taught in BP class) of 1.3500, where immediate S lies 1.3450, 1.3420.
$eurusd below 1.3500 D1 has S at 1.3450, 1.3420
Remember to join me for Best Practice class where I talked about how to use limit order when where to put limit order on a confirmed 1234 trade. 30 July 2014, 7.30pm.
Update by Binni Ong on 23 Jul 7.09pm
A nice run in EURUSD and also EURAUD. Currently there are strong supports for both, EURUSD at 1.3450-60 and EURAUD at 1.4250. Remember, money in pocket is good.